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there was earlier in the day. mitch mcconnell and harry reid say they're going to come out and try to hammer out a bipartisan deal that can pass the senate with enough republican votes to convince the house to act and even president obama who had been concerned that they were not going to act and challenging them for an up and down vote said he was optimistic. here's the president after that meeting. >> i just had a good and constructive discussion at the white house with senate and house leadership about how to prevent this tax hike on the middle class and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. >> now what would be in that mini deal? we're talking about tax increases for people at near the top of the income scale. the question is the threshold, 400 or $500,000 are the likely places that that could end up. it would likely turn off the automatic sequester by using some of the revenue from the tax increases to account as budget cuts and turn off they is quester and it would also extend unemployment benefits and do the so-called doc fix to preve
leader harry reid has joined her in making comments back at capitol hill. we'll let you know what they say as soon as that is transmitted to us. there are other directed comments they made little progress something they have been saying after the meetings the last few months. adam? >> we're looking to turn around reid's comments so we all can hear them. when you talk about the president he is up-or-down vote, someone referred to this as plan-c. is this the offer you reported on a while back where he would move the bottom line tax increase to 400,000 for the upper incomes as opposed to 250,000? is that on the table. >> we don't know if that is the specifically the offer on the table. it started at president's opening offer 250. you could see a pathway forward to raise the threshold up to 400, $500,000 a year, any amounts below that don't get tax increase. any amounts above that get tax increase. end of the year fixes preventing medicare doctors getting large pay cut. amt fix, prevents millions of americans paying the amt reform kick that to next year. that is sort of the path aides
this time. tracy: fiscal clef finger-pointing underway in washington. harry reid says they're headed over the cliff. it is really about senator harry reid and mitch mcconnell? >> to develop the political staring contest democrats say republicans need to move and around rego. the president arrived this morning from hawaii and so with the top democrats and republicans but still no update to report. senate majority leader harry reid said it looks like we're going over a cliff and it is up to the house. >> speaker boner shed call people back to washington today and should not have let them go. they are not here. john boner cared more about his speakership than the financial footing. >> they're now working on a fiscal clear solutions they say the majority leader should talk less and legislate more. also mitch mcconnell says the leader is happy to review with the president what he has in mind but that a majority has not put forward a plan. when they do members will review legislation to make decisions on how fast -- best to proceed. >> it takes time for the house and senate to get something don
. harry reid spent the day moaning about how bad of a speaker john boehner is good the house is set to return sunday afternoon just one day before the end of the year. nearly 90% of americans will be hit with $500 billion in tax hikes and spending cuts. as we head off a cliff, what can you and your family expect come january 2? president of the american action reform joins me now. so, windows narrowing, what can we expect from here? >> if we literally go on autopilot and they fail to change course, i am worried about the economy. some sharp equity market attractions, consumer confidence has already begun, lots and lots of notices sent out, layoffs scaring people to death. this is not a good news story for anybody looking for a job. gerri: the clock keeps on taking. the cover of "the new york post," pretty amusing. off the fiscal cliff, this is really going to hurt. i think everybody can relate to that one. for taxpayers, $500 billion increase in taxes. how will that hit people, how meaningful is it going to be, will they see the results in their first paychecks? >> for sure the hig
, harry reid and mitch mcconnell. can they make a deal or can they do their jobs or is this just more political drama? >> we want an agreement. >> the count down is midnight. the start of a new year. >> we are going over the cliff because frankly i believe it's what the president wants. >> the american people are waiting for the ball to drop, but it's not going to be a good drop. >> but we have no takers. >> every republican, every democrat ought to be here. >> the phone never raining. >> they should negotiate a plan. they shouldn't have the mine are in plan, they should have the biglan. >> here we are five days from the new year, and we might finally start talking. >> the republicans are sitting there with a nuclear weapon. they have the debt ceiling coming up. they can use that as part of this negotiation. >> what is going on here? >> the president called me and probably called others last night. my impression is he would like to see if we can move forward. >> you can't legislate with yourself. >> the breaking news of the moment is that the house republican leadership is calling its
for all americans. 19 democrats voted for that. it was handed to mr. reid, mr. obama starting the warfare about taxing the rich. reid sat on the bill. why didn't he bring it up for a vote? why didn't it get fair debate? mr. reid hasn't passed a budget and we going to believe they're serious about the fiscal problems? let's go offense the cliff. >> we have two cameras outside the white house right now. that one i believe is perched on pennsylvania avenue and we have another camera which is perched facing the side entrance. those are the suvs that likely boehner, mcconnell, pelosi and reid will come out of. let's talk about the deal. what if there's a deal, craig, for, i don't know, say 4 hr $500,000 the threshold of who gets taxes and who keeps -- everybody under that number keeps their tax cuts. everyone over pays more and there's spending cuts. is that a bad deal? >> yeah. i think it is. let me tell you why. because you can't get everything out of this deal that you want and frankly, all we're doing is kicking the can down the road. you know as well as i do this does nothing to deal with
to not getting anything done. senate majority leader harry reid had this to say on the senate floor yesterday. >> months and months of talks between the president and boehner, both times boehner could not deliver because they refuse because of grover norquist to allow any tax revenues whatsoever. they cannot cross over the threshold that has been built by grover norquist. >> grover norquist joins us now exclusively here on cnbc. grover, we just heard you are the target of those comments, but did harry reid get it wrong, because i thought that your organization actually gave its blessing to boehner's plan "b." >> reid has it wrong on a number of levels. the first, of course, is that the pledge that many congressmen and senators have made to oppose tax increases is made to the people of their state, not to me. in fact, harry reid now has the republican senator joining him from nevada who won because he made that commitment. he took the pledge, and the democrat that harry reid supported attacked him for taking the pledge, and the people of nevada said we want a senator who will stand with us aga
, including that man, harry reid, the majority leader of the senate. we've been getting mixed signals. the biggest signal we got was regarding the house which is coming back to -- reconvening sunday night, and that brought the market back in a big way, but now we're hearing from mitch mcconnell and let's bring in eamon javers there on capitol hill, i mean, the rumor had been, a lot of traders talking here, eamon, that maybe there's a dell brewing between the president and the senate. that doesn't sound like anything is going on right now according to rich mcconnell. >> what we got was a facebook post from scott brown who said he was come back to washington and jumping on an airplane to review some new proposal from the president that they expected to get. the whole afternoon has been spent by reporters trying -- trying to figure out what was going on. now harry vaed responding to mcconnell so let's right to it. >> he's upset because, quote, the phone never rang. he complains i've not delivered solutions to the fiscal cliff. he's in error. we all know that in july of this year we passe
the president and senator ree reid e going to draw the line. where the president before was 400,000 with speaker boehner at a million last week. >> let's suppose it's 250. do you think the republicans will accept that, the say go ahead and do it, do you think so? >> i think we have to look at what the whole package is going to be. taxes are part of it and then the spending side. while we we were in a spending crisis and that's driven by-- and sequestered and-- stuart: will there be any spending cuts in a possible last minute deal, do you think? >> i think they'll set a frame work for something moving forward. i'm not sure what the spending cuts are going to be. what i hope is that next year-- stuart: i know what you hope for, but you're telling me that we're going to get some kind of last minute deal and i want to know what's in it, but i've run out of time. noel, thanks for joining us, appreciate it. >> thank you, sir. stuart: listen to this, a newspaper publishes of names and addresses of gun owners in new york counties. hundreds of names listed. new at 10, one of the gun owners he's furious.
. senate majority leader harry reid is trying to determine what kind of bill he can get through the senate with limited republican support. meanwhile, governor neil abercrombie of hawaii tonight announced that lieutenant governor brian schatz is as fit to feel the seat of the passed senator daniel inouye. he will leave hawaii for washington tonight and is expected to be sworn in sometime tomorrow afternoon. the democrats are wasting no time in the event harry reid needs the vote to avert the fiscal cliff. but the house? a different story. speaker john boehner held a conference call with republican leadership today, and basically decided to do nothing. there are no immediate plans to return to washington. even as that decision is made, how members have 48 hours to get there. house republican leadership released a statement today reading in part, the house has acted on two bills which collectively would avert the entire fiscal cliff if enacted. those bills await action by the senate if the senate will not approve and send them to the president to be signed into law in their current form. the
2000 down .8 of a percent. harry reid's comments setting the tone early. when he spoke the markets tanked. the senate majority leader said nothing is happening in budget talks and looks like the u.s. is heading for the so-called fiscal cliff. he compared it to the ball dropping on new year's eve dropping on times square more ominously. more from the nation's capitol. in terms of industry groups and what is not working we start with financials. they're the biggest drag. money center banks like bank of america down 1 1/4%. goldman down 1%. morgan stanley down .8 of a percent. all those stocks are under pressure. tech stocks notably weak. apple inching to the round 500 dollar level. down to 510. it was north of 700 when iphone 5 came out early september. so the bear market continues to apple. as you can see, google also down, down about five bucks on the day. ibm down slightly a .10 or two. hewlett-packard off today, down one 3/4%. coming up later we have a contrarian investors sees big opportunity for hp in 2013. he nailed down the move in bank of america this year. he said it was th
, is it? >> this is not about leadership. 1,337 days, harry reid hasn't pass add a budget. they have been in control the whole time. this fiscal cliff was predictable. we knew this was going to happen two years ago. and don't forget, these are the bush-obama tax cuts. all the president needs to do is actually propose some spending cuts. i think with geithner's admission that the debt ceiling will be burst through on december 31st clearly shows it's a problem. it's time to cut spending, not for now but future generations that have to pay this off. >> it seems to me, congressman gohmert, the bush tax cuts have been law since 2001-2003. it seems if the president doesn't want to go over the fiscal cliff, you guys pass the bill, harry reid could do something he hasn't done in over three years, pass it in the senate, give it to the president, and nobody's taxes are going to go up, crisis averred and then they can spend team after the new year negotiating tax reform, entitlement reform, living within our means. why don't they just do that? >> well, they could, but they want to demonize the house
harry reid's comments sent the dow into a tailspin. we have complete coverage in this developing story which is happening tonight as we speak. also, as supplies from the obama team, ep achieve lisa jackson stepping down. can the coal companies finally breathe a sigh of relief? guess what happened in britain when the uk banned handguns. the surprising result that could change the gun control debate. "the kudlow report" start ises right now. >>> the big news tonight, still the developments in washington on the fiscal cliff, eamon javers joins us with the details. >> good evening, meshel. capitol hill sources tell cnbc that congressional leaders are planning to go to the white house tomorrow to meet with president barack obama and it is not entirely clear at this point when that meeting will take place and details are still being hammered out and we saw today a blistering series of rhetorical jabs from one side to the other and it's not clear as a result of all that whether a deal can, in fact, get hammered out in the remaining time before new year's eve and take a listen to senate republ
leader harry reid says the u.s. is probably going over the fiscal cliff. he's planning a news conference. we don't have the exact time. when it goes, we'll go there. investors getting quite nervous. obviously the dow dropping below 13,000. the first time since early december. fear index is spiking the vick. what going over the cliff will mean for you and your money. we will talk about it this hour. >>> airline stocks flying high sitting at 1 1/2 year highs. will it be smooth skies for the industry next year in 2013. phil lebeau has the report. >>> how about housing? what a story housing has been this year. a milestone. home prices on track for their first year-over-year gain since 2006. is the worst finally over? some say yes, others say no. what does michelle caruso-cabrera say. >> tyler, let's drill down to the numbers you were talking about. only four hours to go until america goes over the fiscal cliff. the dow jones industrial average down 113 points. had been down 148 points. look at that as we come on the air back above 13,000 level, not by much. the nasdaq, the biggest decline. 3
%lx >>> and first through on december 31. up, hairy reid saying it's time to cut spending not for now, but future generations who arere"Ñde one that's have to pay this off? >> it seems tozc)Ñ my, congressn gomer this has been the bush tax cuts have been lost since what? twun and 2003? seems that if the president fiscal cliff, you guys pass a bill. he hasn't done in three years. they can pass in the senate give it to the president, then nobody's taxes are going to go up. prices averted then, they candlg spend time after the new year negotiating tax reform, çd living within our means. why don't they just do that? >> well, they could. if they want to demonize the house. without doing anything, in the way of legislating. and sean, if you look back at ceiling bill back a year and a half ago had a super committee. you and i knew it wasn't going to work. one of our republican senators made up a pro pose yl to raise taxes and two senate democrats reported to have said wow. this is a break through. we can get a deal now. we'll be able to work this they go talk to president obama and hairy reid, come ba
on december 31st. senate majority leader harry reid is working to see if the scaled backpackage the president laid out last week can get through congress before monday. meantime, treasury secretary timothy geithner says the government will hit the debt ceiling on monday and he is launching an emergency plan to avert a crisis. amm eamon javers is live. what do we know? >> the president is coming back early, a couple days earlier than his vacation. did a little bit of jogging, working out in the gym over his vacation. now he will be,ing would out on this fiscal cliff. the senate is coming back and the house of representatives is going to have a conference call for all republicans later on today and then yesterday, we saw the secretary of the treasury, tim geithner, announced the $16.4 trillion debt limit is going to be reached by monday, that was a little bit surprising to people who haven't been following this kind of thing and raises the stakes for the fiscal cliff end game because the white house had wanted a debt ceiling deal as part of the overall deal here on the fiscal cliff. republicans
to be a good drop. >> senator reid says we are going over the cliff. the market drops. then house republicans announce they will return to washington. congressman charlie rangel and richard wolff will sort out the late-breaking news. >>> the l.a. gun buyback say major success, but is it enough to stem the explosion of gun sales in the wake of newtown? >> i've seen huge uptick in business. our a.r.s have been sold out because people are very concerned about them becoming banned. >> los angeles mayor antonio villaraigosa joins me live. >>> plus the louie gohmert plan to arm teachers is going forward in ohio and utah. >> i wish to god she had had an m-4 in her office. >> michelle obama gets definitive on a future run for office. and tonight, i will deliver my verdict on spike lee versus "django unchained." >> what's your name? >> django. >>> with little more than four days until the fiscal cliff, we now know that all the relevant parties will be in washington in three days. that's right. three days from now. on sunday evening before the redskins beat the cowboys. the house will finally reconvene
to see you. within the past hour, senate majority leader harry reid spoke on the floor. he really gave it to john boehner. he got pretty personal. >> he did. he really laid the blame at boehner's lap. talked about the fact that he was surprised that the house isn't even in session, which is true, but let's get real. the senate came back into session this morning. most importantly, he was very, very pessimistic about getting anything done before we reach that fiscal cliff. listen to what he said. >> the speaker just has a few d days left to change his mind, but i have to be very honest, mr. president. i don't know time wise how it can happen now. >> let me kind of lay out the state of play. i'll try to keep it out as much as possible. this is something everybody is focused on. the ball is in the senate's court right now. so what senator reid, who you saw earlier, and the president, what they are trying to figure out is whether or not they can craft what the president called a scaled-back bill, which is what he campaigned on. raising taxes for everybody making more than $250,000 a year a
to avert the fiscal cliff is the senate, which returns tomorrow. majority leader harry reid is devising a partial solution that could ease economic fears. >> if we go over in a chaotic fashion, where members of congress are deeply grid locked with no sign of coming together, then we're likely to go over and stay over. and that's very problematic. >> reporter: going over the cliff would restore higher bush era tax rates and trigger deep spending cuts on january 1st. congress set up the harsh mechani mechanism, hoping it would force a compmise, but it hasn't. >> washington remains on square one in the fiscal cliff talks. >> reporter: congress reached this brink before christmas when speaker john boehner failed to get enough house republicans to support his solution, threw up his hands and said it's up to leader reid and the president. >> how we get there, god only knows. >> reporter: aides say reid's plan would avoid tax increases for people making less than $250,000, eliminate spending cuts and restore unemployment benefits. >> what needs to happen now is for a sense of desperation amon
republicans. late today on the senate floor majority leader harry reid said what has become more and more obvious. the prospect of reaching a deal to avoid the fiscal cliff before january 1st is very unlikely. that's putting it lightly. let's watch. >> there's 435 members of the house. what goes on in this country shouldn't be decided by the majority. it should be decided by the whole house of representatives. the speaker just has a few days left to change his mind, but i have to be very honest, mr. president, i don't know timewise how it can happen now. >> well, that was plain. this afternoon senate minority leader mitch mcconnell said he wasn't willing to offer the white house a blank check just because we're on the edge of the cliff. take a look. >> last night i told the president we'd be happy to look at whatever he proposes, but the truth is we're coming up against a hard deadline here, and as i said, this is a conversation we should have had months ago. and republicans aren't about to write a blank check for anything senate democrats put forward just because we find ourselves at the
, was senator mitch mcconnell and here we have the majority leader in the senate, harry reid. let's listen in for a second. >> the house has reported by the press and we all know, one of the plans didn't have a name, it wasn't plan b. i don't know which plan it was because they've had a number over there. but this plan was to show the american people that the $250,000 ceiling on raising taxes wouldn't pass in the house. why didn't they have that vote? because it would have passed. they wanted to kill it. the speaker wanted to show everybody that it wouldn't pass the house. but he couldn't bring it up for vote because it wouldn't pass. republicans -- a myriad of republicans think it's the fair thing to do and of course every democrat would vote for that. the republican leader finds himself frustrated that the president has called on him to help address the fiscal cliff. he's upset because, quote, the phone never rang. he complains that i have not passed the resolution to pass the fiscal cliff but he's in error. we all know that in july of this year we passed in the senate the relief that wo
. peter: everyone looking to leader harry reid and the president for plan c. they were discussing next steps to advert the cliff before the holiday on monday. no update today from the white house. a spokesperson for senator reid is saying "nothing to report. no conversations with republicans let." the spokesperson says "no outreach from any democrats. we are waiting on senate democrats." it looks right now that the cliff remains inside. lori: i heard you talking to dennis kneale earlier. the house generally has to post something for three days. realistically, right, everyone will come back tomorrow, they probably will not have anything by friday. peter: if they do something by friday, the house could vote on something by monday, new year's eve. the weekend could count. absolutely. they can actually do whatever they want. they can vote to waive the rules. yes, they have this three-day rule for making sure all members can read any legislation, any proposal that comes over from the senate. under the constitution, the house sets its own rules. lori: these goucher should have centered on ta
are in the senate and it will be up to harry reid and mitch connell and the president to try to come to a compromise to avoid the tax hikes and spending cuts that go into effect on the first of the year. president obama had been working with house speaker john boehner and trying to get a big deal that dealt with tax reform and deficit reduction. that fell apart and talks have largely been stalled this entire time. there was a lost pressure to get something done. we have seen some of the impacts of the fiscal cliff. consumers saying they have been more cautious with their holiday spending because of the uncertainty in washington. economists warn it could get worse and the markets could be foiled if we go over the fiscal cliff. taxes will go up for the average american by about $2,000 and could put us back into a recession. >> which nobody wants to see. kristen welker in hawaii. the president is coming back, but they haven't gotten the 48 hour notice. they are very much out there in play. thank you very much for joining us. appreciate it. when the senate returns tomorrow morning, there will be a new e
: there are signs of progress. mitch mcconnell and harry reid have agreed to spend the next 24 hours trying to come to a bipartisan agreement on a smaller fallback plan to keep at least some taxes from going up. after the meeting, house democrat leader nancy pelosi told us she's at least a little encouraged. >> it was constructive. as i say, candor is constructive, and i think it moved us forward, but we'll see. >> reporter: it was the first meeting with the president and all the congressional leaders in six weeks. it follows an impasse that has shaken wall street, the dow down more than 400 points since talks stalled last week. and on main street, business owners like drew greenblatt, who owns a wire basket manufacturing company in baltimore, say the coming fiscal cliff is already causing pain because they just don't know what will happen to their taxes. >> right now we're doing our budget. we're deciding how many people we're hiring next year. we're figuring out how many robots and machines we'll invest in our factories. >> reporter: and across the country all the political bickering had people o
met with harry reid at the white house and spoke with house speaker john boehner. mr. obama said lawmakers need a break from fiscal cliff frustration-- much of it self- induced. >> we move forward together or we don't move forward at all so as we leave town for a few days to be with our families for the holidays, i hope it gives everybody some perspective. >> reporter: the president will follow his own advice. lawmakers and return to washington if there is a deal. >> pelley: major, thank you. as you know, this debate is all about bringing the federal budget under control. if the white house and congress can't figure it out, big across- the-board budget cuts and those tax increases we mentioned kick in automatically january 1. the so-called fiscal cliff. the republican speaker of the house tried to force through his solution last night but he couldn't keep his own party in line. nancy cordes is at the capitol. nancy? >> reporter: scott, this was an unforced error. speaker boehner did not have to bring this plan "b" bill up but he was simply trying to get more leverage in negotiati
: right now, it's all in the hands of the two senate leaders. democratic harry reid and republican mitch mcconnell. they're working on a mini-deal that would prevent a tax increase for roughly 98% of american workers. extend unemployment benefits that are set to expire for some 2 million people. what took so long? >> the american people are watching what we do here. obviously, their patience is already thin. this is deja vu all over again. >> reporter: the 11th-hour effort to get a deal comes after the president met with the congressional leaders at the white house. his first such meeting in six weeks. even if mcconnell and reid come to an agreement, there's no certainty it will pass before the end of the year. the agreement represents what the president says is the bare minimums. extending tax cuts while doing nothing to curb spending or address the long-term deficit crisis. if they fail to pass a mini-deal, virtually everyone's income taxes will go up. even if the income taxes are extended virtually all workers are due to see less in their paychecks, starting in january, where the temp
gap measure, temporary measure before the new year? >> well, you just heard from senator reid he's pessimistic. i told you he's probably one of the biggest pes mists on the planet but i think in this particular case he has good reason to be pessimistic. the one thing that i think is important to also note is that what reid is telling people privately, i'm told, is that he doesn't want to bring anything up for a vote unlil he is sure it will pass both houses of congress and one of the reasons for that is a political one. he knows republicans won't want to take a vote to effectively increase taxes for that reason, to say i did it because i want to make sure most americans kept their tax cuts in place but also because of the markets. they really feel here if they take a failed vote and we still go over the fiscal cliff it will make the market reaction even worse than it would be if the fiscal cliff just happens which is not going to be a good scene probably. >> dana, that ing you very much. we'll be back with you in a half hour. >>> the adupgs of a russian child was almost complete.
christmas short. harry reid and democrats expected to lay the groundwork for yet another plan to avoid the looming tax increases and spending cuts. old man winter wiping out the holidays for many people in the country. his work is not done yet. people worried about washington keeping their spending type. time for stocks now. nicole petallides is at the new york stock exchange. nicole: the dow is down about ten points. the s&p pulling back one quarter of 1%. a lot of the retailers loved like the biggest losers. 500 stocks are comprised and represent oriole to autos to airlines. the sector that was really lagging where the retailers. oil has been moving to the upside. there is a lot going on with that. and oil spike of two dollars. now, let's take a look at technology. we do see some of the tech stocks doing pretty well. hewlett-packard and intel have been among the real losers for the year 2012 on the dow. today, you continue to see this trend which is a little better. back to you. dagen: thank you. the senate returning to washington tomorrow. the president, as well. five days left to r
of the leaders from senator reid on the democratic side to speaker boehner for the republicans obviously they didn't go to the cameras after the this meeting here with president obama. that would not be good signs. >> whatever we come up with is going to be imperfect. not people aren't going to like it. some people will like it less. >> this is a total derelectino due of duty at every level. >> try and get at least a small package, at least a small deal together before the new year. >> if we don't have a deal within the next 24 hours, the question is where do you buy a pair of shoes? >> greta: senator bob corker joins us. you said it is a total dereliction of duty at every level. >> we still haven't even behe gun to deal with the issues causing the fiscal insolvent say we are facing and that is the entitlements. nothing has been discussed. it is not on o the table. we are not going to deal with it this year. it will be the issue we deal with running into the debt ceiling around mid march to the economy will continue to have a pail over it because we have not dealt with the issue that our
. >> clayton: they all said the same thing. presidential meeting with the leaders yesterday. harry reid. >> juliet: vice president showed up. >> clayton: they must have been all on the same table hey whether we lee this table we will say modestly optimistic. listen to senator mitch mcconnell who may be the linchpin of this whole thing. he said i will take the ball and run with it in the senate. get a deal done. listen to the senator. >> we had a good meeting at the white house. we are engaged in discussions the majority leader and myself and the white house in the hopes that we can come forward sunday and have a recommendation that i can make to my conference and the majority leader can make to his conference. we will be working hard to see if we can get there in the next 24 hours. so i'm hopeful and optimistic. >> charles krauthammer calling him a master negotiator. saying if it were left up to him he could solve the syrian civil war in a weekend. >> dave: he can get it done but there is still john boehner and the house republicans. i'm not modestly optimistic. anything through the hou
standpoint right now. asking harry reid to ask and president obama to act. >> harry reid's his lifeline. let me ask you this. everybody watches politics. this isn't cnbc here, it's politics. let's get a couple things straight. you say right now that today it's a democratic advantage. obama looks like the guy is trying to get it done. republicans are the holdouts. >> it's not just me. look at the gallup reports. republicans have been going down. >> obama's 54%. right now it's a democratic advantage. >> democratic advantage right now. >> midnight monday still a democratic advantage? >> no. if you go over the cliff, everyone's in trouble. >> wednesday morning next week which is only a week away and we're into 2013 and no deal's been made, do you accept the fact that both guys are in trouble? >> i think it's a jump ball. i'm not sure what happens at that point. it depends on what the markets do. we'll say this. president obama doesn't have to worry as much as the members of congress do because he's not on the ballot again. >> but if there's a second recession, doesn't that kill his second term?
. nothing is stirring, not even harry reid. yes, i'm still in the christmas spirit. the president meanwhile is in hawaii and won't be returning until tomorrow. now, normally nothing happening would not be big news in washington. nothing happening is kind of the status quo in washington. getting nothing done is to our political system as saying great is to tony the tiger. it's just kind of what we do now. right now, this week, nothing happening is huge news. the reason is that usually when washington doesn't do anything nothing happens. you do nothing, nothing happens. that's how it goes. in fact that's why people call it doing nothing. after you do it, nothing occurs. if washington doesn't do something, a lot happens. all the bush tax cuts expire, the payroll tax cuts expire. doctors participating in medicare, see their reimbursements cut by more than 25%. good luck getting a doctor then. more than a trillion dollars in spending cuts are triggered. the economy probably falls back into recession, and merry christmas and happy new year from washington to you, the american people. this basket
, and to the growing storm brewing in washington. after senate majority leader harry reid warned today that he believes the government could very well go over that fiscal cliff. now, just five days until everyone's taxes go up. how much for the average american family? here's our chief white house correspondent jon karl tonight. >> reporter: president obama cut short his hawaiian vacation, where storm clouds, real storm clouds, are gathering over the capitol. instead of deal making, it's name calling. the top democrat in the senate, accusing the republican speaker of the house of running a dictatorship. they say they haven't given up, but it sure sounds that way. >> i don't know, time-wise, how it can happen now. >> here we are, once again, at the end of the year, staring at a crisis we should have dealt with literally months ago. >> reporter: vice president biden made a rare appearance in the senate, not to negotiate -- >> i do. >> congratulations, senator. >> reporter: but to swear in a new democratic senator from hawaii. a vote the white house will need if the senate ever gets around to voting on a
and school safety will only intensify as the calls for action in the wake of newtown grow louder. chip reid is in washington with that part of the story. >> columbine. >> virginia tech. >> tucson. >> reporter: more than 50 stars joined forces to make this new public service announcement calling for an end to gun violence. >> it's time. >> it's time for our leaders to act. >> demand a plan. >> reporter: the question now, should a plan include the n.r.a.'s call for putting an armed officer in every school? >> it's total nonsense. >> reporter: no, is the answer from andrei nikitchyuk, whose eight-year-old son was in the hallway at sandy hook elementary school as bullets flew nearby. the solution, he says, is gun control. >> why are we allowing sales of weapons? that is terrible in this country. >> reporter: that is shared by some parents in washington, d.c., where the son of bola aina attends school. >> no, we don't want guns in our school. >> reporter: but some parents here disagree. armed guards, they say, could be part of the answer. >> i think any effort to-- to protect our children is wor
the senate and harry reid but it has to go back to the house. then what? >> the other part is the senate. the 60 vote rule of the filibuster. they have to clear that 60-vote point if somebody blocks this in the senate. then it goes back to the house. there's a lot of questions about whether spiker boehner can control his republican caucus. he could not get the votes a week ago and we don't know if we could this time. what might happen is the tax provisions -- the taxes go up january 1st and then the senate might arrange for then a vote to cut taxes, which is a lot less onerous than to allow taxes to increase or vote to raise taxes. so without getting too far into the weeds they're trying to find a method to prevent the more dangerous economic issues from taking effect but at the same time reduce the political pressure on those, particularly conservatives who don't want to raise taxes. >> we just lowered your taxes, we let it go up then lowered it so we're the good guys. the question i don't think anybody gets, they're coming back tomorrow. the president, congress is coming back from vaca
. take a look at mitch mcconnell and harry reid just this afternoon. >> you'll excuse me if i'm a little frustrated at the situation. >> republican leader finds himself frustrated. >> i say i'm frustrated because we have been asking the president and the democrats to work with us. >> he complains i have not delivered the votes to pass the solution to the fiscal cliff. he's in error. >> i told the president i would be happy to look at whatever he opposes. >> he's upset because, quote, the phone never rang. >> as i said, this is a conversation we should have had months ago. >> we have nobody to work with, compromise. >> republicans aren't about to write a blank check. >> we can't negotiate with ourselves. that's all we're doing. >> we don't have many days left. >> we're in the same situation we have been in for a long time. >> as you can see, senate is back in session today. the house plans to be back on sunday. more now on the breaking news. senior congressional correspondent dana bash joins us now from capitol hill. jessica yellen on the north lawn tonight. dana, i'll start with you. you
adding in to this mix, senator reid. >> will you support whatever short-term deal the republican leadership supports? >> i don't know what i'm going to support yet until i see it. the previous congressman you had was on, interesting enough, his office is right next to mine. the fact of the matter is we're going to have to find a place to come together. that the president has offered a 7% solution for a 100% problem. i was struck by the fact that not a single democrat supported boehner's plan b. that was nancy pelosi's solution. raise taxes on those earning a million dollars or more. not one democrat agreed to vote for it. >> let's talk about that plan brk. it was not successful. hastert had some unkind words saying i don't want to be critical of john, but you don't ever bring something to the floor if you don't have the votes. did the speaker miscalculate and do you think he'll be challenged for the speakership? >> no, he's not going to be challenged for the speakership. he didn't bring it to the floor. he decided not to, but he could have if they had had even 30 democrats willin
to senator harry reid told me there's still a 50/50 chance we get a mini deal that would put off the effects of the cliff at least temporarily and a 50/50 chance of that happening before january 1st. so even though there's a small number of days, sometimes the urgency of a deadline forces lawmakers to overcome differences they can't overcome otherwise. >> remind us, john, a mini deal is composed in the senate but still has to pass through house republicans and boehner or not? >> yes. and the question about the mini deal would be, what we're talking about, just to make clear for our viewers, would be a temporary extension of tax cuts for incomes under $250,000, a couple of months, for example, a temporary turn-off of the sequester, the automatic cuts equally in defense and nondefense programs that nobody wants to happen, you temporarily turn those off, you extend unemployment benefits, you do something about doctor payments under medicare. if that happens, and clears the senate, there would be a bipartisan majority in the senate if it is allowed to get to the floor, then you would have to hav
minutes away from this session, will include the president, congressional leadership, harry reid, john boehner, last-minute invite and mitch mcconnell. here is what they are considering. we have $5 billion in additional taxes kick in after the first of the year. this will affect everybody including middle-class people, $3,500 is the average tax hit for american families. what happened to consumer confidence? is down dramatically. people getting a sense of what will look like and constrain their lives. the wealthier you are the more you pay. a lot of people out there are suddenly and the only now getting the sense of how much money this is going to be and they don't like it one bit. adam: is their legitimacy to selling off government assets? will homeowners do it? chicago did it, they sold off their parking meters, not popular in chicago. gerri: it is usually desperation police. you saw the city of baltimore, ball park or something, things are as bad as they're going to get and we have to do what we cannand usually they are entrenched interests that won't that use of amtrak or that kind
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